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ORIGINAL RESEARCH
Environmental Credit System and Green
Transformation of Pollution-intensive Enterprises:
Based on Green Behavior and Green Evaluation
1
School of Economics, Jinan University, 510632 Guangzhou, China
Submission date: 2024-06-29
Final revision date: 2024-08-24
Acceptance date: 2024-10-13
Online publication date: 2025-01-15
Publication date: 2025-11-04
Pol. J. Environ. Stud. 2025;34(6):7661-7674
KEYWORDS
TOPICS
ABSTRACT
As a crucial component of the financial system, it is of profound practical significance to explore
whether the environmental credit system (ECS) can effectively facilitate the green transformation of
pollution-intensive enterprises. Taking the "Enterprise Environmental Credit Evaluation Measures
(Trial)" in 2014 as an event, we utilize green behavior and green evaluation as proxy variables of green
transformation and employ the difference-in-difference (DID) method to analyze the influence of the
ECS on the green transformation of pollution-intensive enterprises. The findings are as follows: The
ECS promotes the green behaviors of pollution-intensive enterprises, enhances their green evaluations,
and propels their green transformation. Moderation effects analysis reveals that regional green
financial development enhances the reinforcing effect of the ECS on green behaviors and evaluations,
whereas negative environmental events detract from the facilitative effect on both. Additionally,
regional environmental governance amplifies the positive influence of the ECS on green behavior,
and environmental certification reinforces its role in promoting green evaluations. Further research
discovers that corporate green behaviors and evaluations enhance corporate finance performance and
alleviate financial constraints. This study offers empirical evidence and practical suggestions to perfect
the ECS and facilitate the green transformation of pollution-intensive firms.
CONFLICT OF INTEREST
The authors declare that they have no known competing financial interests or personal relationships that could have appeared to influence the work reported in this paper.
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| ISSN: | 1230-1485 |
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